Solana has been creating a lot of buzz in the cryptocurrency space with many token launches on the blockchain. Besides, blockchain also witnessed strong growth in network activity.
Solana’s new ‘all-time high’
SolanaFloor, the popular X account that shares updates related to Solana’s ecosystem, recently posted a tweet highlights a major development, as monthly active addresses on Solana have surpassed 30 million – marking an all-time high.
Source: SolanaFloor/X
Artemis data shows that SOL’s daily active addresses touched 1.9 million on June 17. However, the graph then began to decline.
In fact, despite reaching an ATH in monthly active addresses, the blockchain’s daily transactions have decreased over the past month.
Source: Artemis
While both Solana’s fees and revenue decreased, the network’s Defi performance was also not very positive as TVL decreased compared to early June.
Source: Defillama
In this context, SOL price has disappointed, falling nearly 7% on the week and moving sideways on the day, fluctuating around the $134 mark at the time of writing.
Source: TradingView
Solana’s social metrics are showing signs of improvement. For example, weighted sentiment, after falling on June 19, has increased and entered positive territory. This clearly shows that investors still believe in SOL and that optimism around the token is growing.
Its social volume also remains high, reflecting its popularity in the crypto space. Additionally, SOL’s open interest (OI) is also increasing. Whenever OI increases, it implies that the likelihood of the current price trend continuing is high.
However, SOL’s funding rate also increased. In general, prices tend to move in the opposite direction of the funding rate. Therefore, this may cause difficulties for SOL in the near future.
Source: Santiment
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